Concordia International (CXRX) Announces Notes Offering; Sees FY16 adj.-EBITDA Lower Y/Y

October 5, 2016 4:32 PM EDT

Get access to the best calls on Wall Street with's Ratings Insider Elite. Get your Free Trial here.

Concordia International Corp. (Concordia or the Company) (NASDAQ: CXRX) announced its intention to commence an offering (the "Offering"), subject to market conditions and other factors, of up to $350 million of new 5 ½ year Senior Secured First Lien Notes (the "Notes").

Actual terms of the Notes, including interest rate, principal amount and maturity, will depend on market conditions at the time of pricing.

The net proceeds of the Offering will be used to strengthen the Company's liquidity position and augment its product development pipeline beyond the anticipated, and previously disclosed, 60 product launches expected by the fourth quarter of 2018.

Additional information on the Offering will be available on the Company's website on October 6, 2016 at, under "Downloads" in the Investors section.

Consistent with the Company's internal forecast, the Company expects that its pro forma Adjusted EBITDA for the 12 months ended September 30, 2016 will decrease relative to pro forma Adjusted EBITDA for the 12 months ended June 30, 2016 for two primary reasons: (1) the change in the exchange rate between United Kingdom pounds sterling and the U.S. dollar and (2) competitive pressures on Nilandron®, Donnatal® and Plaquenil®. Each of these events have been previously disclosed by the Company. The Company's actual results may differ from these expectations due to our financial closing procedures, final adjustments and other developments that may arise between now and the time financial results for the period are finalized.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Guidance

Related Entities

Earnings, Definitive Agreement

Add Your Comment